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Plant Asset Management Today and Tomorrow Read chapter Read first chapter

2012 | OriginalPaper | Chapter

Asset Risk Management: Issues in the Design and Use of the Risk Matrix

Author : Ype Wijnia

Published in: Engineering Asset Management and Infrastructure Sustainability

Publisher: Springer London

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Abstract

Within the profession of asset management many practitioners use a risk matrix in order to prioritize attention. As a risk matrix is an expression of the value system, each organization has own version: there is no universal truth. However, in developing such a custom made matrix, many things may go wrong. Wrong in this sense is that the decisions made with the matrix are not generally perceived as being good decisions. This is often due to errors in the design of the matrix, and misconceptions about its use. In this paper, guidelines for the correct design and use of a risk matrix will be presented and report on some common errors found in the asset risk management practice will be given.

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previous chapter Preliminary Study on Bridge Health Prediction Using Dynamic Objective Oriented Bayesian Network (DOOBN)
next chapter Benchmarking Information Quality Performance in Asset Intensive Organisations in the UK
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Metadata
Title
Asset Risk Management: Issues in the Design and Use of the Risk Matrix
Author
Ype Wijnia
Copyright Year
2012
Publisher
Springer London
Book
Engineering Asset Management and Infrastructure Sustainability

Print ISBN: 978-0-85729-301-5

Electronic ISBN: 978-0-85729-493-7

Copyright Year: 2012

DOI
https://doi.org/10.1007/978-0-85729-493-7_81